EnPro sells GGB’s bushing block business
EnPro Industries has completed the sale of its GGB bushing block business located in Dieuze, France to Melma Group.
Image for illustration purposes
USA, North Carolina, Charlotte: EnPro Industries, Inc., a leading technology company using materials science to push boundaries in semiconductor, life sciences, and other technology-enabled sectors, announced on 1 December that it has completed the sale of its GGB bushing block business located in Dieuze, France to Melma Group.
Melma Group is an industrial group, headquartered in France with operations in France and Germany, with casting, boiler making and machining capabilities.
“After announcing the exit of GGB’s bushing block business in June, we are pleased to have received an offer from Melma Group to purchase and continue operating the business. This transaction represents a positive outcome for all stakeholders as it preserves the jobs of our former team members, mitigates customer disruptions, and supports progress toward reshaping our portfolio,” said Marvin Riley, President and Chief Executive Officer.
The completion of this transaction is consistent with EnPro’s strategy to focus its portfolio on materials science-based businesses with leading technologies, compelling margins, strong cash flow, and high levels of recurring revenue that serve markets with favourable secular tailwinds. The company will continue to apply the EnPro Operating System to enable continuous improvement and allocate capital, organically and inorganically, to drive growth in businesses with these characteristics with the goal of maximising long-term shareholder returns.
Oneida Associes served as exclusive transaction advisory firm to EnPro, and Fiducial Legal by Lamy served as legal counsel.
Source: Business Wire